In a filing to Bursa Malaysia, Gamuda said the acquisition would further establish its position in property development and increase its investment property portfolio to provide long-term earnings growth.

“The land is envisaged to be developed into an exclusive signature address, catering to those residing within a 10 km radius, especially in matured neighborhoods such as Kota Kemuning, Bukit Rimau, Puchong, Subang and Shah Alam.

“There is dynamic potential in this land with great prospects to introduce a new dimension and definition in real estate in this matured location, be it from the business or investors standpoint,” it added.

Barring unforeseen circumstances, the acquisition is expected to be completed by the second quarter of 2015.

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